ALEXANDRIA, Va.–NCUA Board Member Rodney Hood has raised objections to the number of new hires at the agency.
During its monthly board meeting, Hood addressed NCUA’s draft staff budget for 2022-23, which is now available on the agency’s website for review and comment, as CUToday.info reported here.
The agency said the proposed combined 2022 budget is $345.3 million, or 1.2% higher than the 2021 budget. The proposed operating budget is $326.6 million, which is 3.6% higher than in 2021. The proposed 2022 capital budget is $13.1 million, or 30.7% lower than in 2021.
“This budget adds nearly 50 new employees in 2022, which matches the yearly staffing increases we saw during the Great Recession. I do not think we need nearly 50 new staffers at the agency, so this budget is not something that I can support in its current form,” said Hood. “Additionally, I also do not see how I can support a budget that does not return money from the Operating Fund back to credit unions in a significant way, but I am willing to work with my fellow board members on this. It will be a busy couple of weeks to reach an agreement on the budget, and I look forward to working with my fellow board members in pursuit of this goal.”
Hood said it is his “preference” to cut the NCUA’s budget year over year, “something that should not be difficult to do since we have so much money remaining in the 2020 budget for travel. After all, as I have said on many occasions, the NCUA is funded by the credit unions we regulate, and we must be responsible stewards of this money.”
Chairman Responds
Following Hood’s comments, NCUA Chairman Todd Harper said the other board members have his “full commitment” to working together on the budget, calling it “just a starting point, not an ending point.”
Harper said he is also concerned with watching costs.